Key Takeaways
- Sector: Healthcare Healthtech & Medtech.
- Geography: United States.
Analysis
Bain Capital has joined Kohlberg & Co. in a co-led investment in PCI Pharma Services, valuing the global pharmaceutical services platform at approximately $10 billion including debt. PCI Pharma Services is headquartered in Philadelphia, Pennsylvania, USA.
Existing shareholders Mubadala Investment Company and Partners Group will reinvest alongside Bain and Kohlberg. The deal marks another major private equity transaction in the fast-growing pharma outsourcing sector.
PCI Pharma specialises in sterile fill-finish, secondary packaging, and cold-chain logistics for biologics, including key injectable formats like pre-filled syringes for GLP-1 therapies such as Wegovy and Ozempic.
Kohlberg acquired a majority stake in PCI in 2020 from Partners Group. Mubadala joined as a co-investor in the previous round and will continue to support PCI’s global expansion.
Recent Comparable Transactions
- TPG and EQT: Acquired €1.5B fill-finish platform from Sanofi (March 2025)
- KKR: Invested $2.1B in Alcami Corp (Q1 2025)
- Charles River: Acquired BioAgilytix for $1.3B from Warburg Pincus
- CVC Capital: Took control of India-based MicroLabs (Feb 2025)
These deals reflect strong private equity interest in CDMOs supporting biologics, chronic care, and complex injectable therapies.
Deal advisors: Jefferies and Moelis (PCI), Morgan Stanley and BofA (Bain), Citigroup (Mubadala).